210 centi-millionaires—those with a net worth of more than $100 million—and 15 billionaires currently reside in Dubai, according to Henley & Partners, a company that specializes in international citizenship and residency planning. According to forecasts, the city is in a good position to solidify its position.
Why Dubai is leading the race to draw billionaires and millionaires worldwide?
Luxurious lifestyle attractions, pro-business policies, progressive changes in policy, and stability have made Dubai a desirable travel destination for families and individuals with affluence.
Super-rich people are relocating to Dubai at an unprecedented rate as a result of global geopolitical and economic unrest, which is pushing wealthy people to look for safe havens for their money as well as their well-being. Let's delve deeper into what makes Dubai the preferred destination for HNWIs worldwide.
Golden Visas
Millionaire foreign investors now have an easier time than ever obtaining a long-term golden visa. In 2020, golden visas were first made available, giving foreign nationals a 10-year residency period. Top talent from all over the world, including scientists, investors, and creatives, is eligible for the golden visa. With the visa, foreigners can own 100% of their businesses and live, work, and invest in the UAE without the need for a national sponsor.
In terms of drawing millionaires, the UAE's recently revised golden visa policy is a welcome move that will likely draw even more foreign investors and residents to Dubai in the years to come.
Tax-Exempt Status
Dubai's tax-free status is one of the main attractions for millionaires. This implies that there are no inheritance, capital gains, or income taxes. Millionaires can save a lot of money this way, particularly if they are accustomed to paying high taxes in their home countries.
In Dubai, for instance, a millionaire who makes $1 million would not be required to pay income tax on that amount. They would save a tonne of money because in their home country they would probably have to pay a lot more in taxes.
Investment Opportunities
Dubai presents investment opportunities supported by a stable and diversified economy. Due to the favorable business policies in Dubai, millionaires are constantly considering launching their businesses there. Entrepreneurs and investors hold a strong conviction that establishing and running a business in this part of the world is simple, secure, and long-lasting.
The city is becoming a smart city, incorporating cutting-edge technologies like blockchain, virtual reality, and artificial intelligence into commercial operations. High-net-worth individuals (HNWIs) are drawn to Dubai by this forward-thinking attitude, which also motivates them to make investments in a variety of sectors.
Furthermore, there are appealing investment opportunities in Dubai's real estate market, particularly in the luxury real estate sector. The substantial long-term ROI and rental yields are important elements that attract millionaires to Dubai.
In comparison to rival destinations like Singapore which have a stronger Asian focus, Dubai uses an effective "superbrand" narrative that emphasizes safety, ease of entry and business, world-class lifestyle perks ranging from education all the way through to real estate, and a strategic global business hub positioning. Another thing that made Dubai famous was that, in contrast to other places, it maintained its borders open during the pandemic lockdowns, sending out a message that said, "open for business."
Experts note the "avalanche effect," in which early centi-millionaire arrivals snowball larger migration waves through wealthier social networks, causing them to gravitate toward each other. This strategy has proven successful.
